Stakeholder identification and consultation

Please describe which stakeholders (or groups/ types of stakeholders) you have identified, consulted, engaged, collaborated or partnered with for the purpose of implementing the Principles and improving your bank’s impacts. This should include a high-level overview of how your bank has identified relevant stakeholders, what issues were addressed/results achieved and how they fed into the action planning process.

Following the materiality analysis conducted in 2017 on its sustainable development priorities, Desjardins polled its members in 2024, with the majority (73%) indicating that sustainable development is important to them. Over recent years, Desjardins has carried out additional surveys of its personal and business members and clients to better understand their priorities and concerns related to sustainability and responsible finance. These surveys have provided further insights into how well Canadians comprehend sustainable development and responsible financial practices.

Surveying stakeholders has helped Desjardins identify what matters most to its members and clients. These priorities are addressed in the “Listening to Our Stakeholders” section of Desjardins’ Social and Cooperative Responsibility Report. Desjardins collaborates with all levels of government, regulators, and other standard-setting organizations on various issues, which are also detailed in the same section of its Social and Cooperative Responsibility Report.

Through numerous partnerships, Desjardins remains committed to supporting communities in the energy transition and taking action against climate change and biodiversity loss. These partnerships foster university research and training, promote the development of practical solutions for economic stakeholders, and enhance climate education and engagement. For more information, please refer to the diagram of Desjardins’ environmental and climate action partners.

Additionally, Desjardins has participated in several working groups organized by UNEP FI to support the implementation of the Principles for Responsible Banking (PRB), the Principles for Sustainable Insurance (PSI), and the Commitment to Financial Health and Inclusion. These groups facilitate discussions and collaborative efforts on ESG issues with financial institutions worldwide.

Desjardins is also a member of the Climate Montreal Partnership (in French only), a coalition of nearly 100 Montreal-based economic, philanthropic, institutional, and environmental stakeholders working together to accelerate Montreal’s decarbonization and build climate resilience within the timelines outlined by climate science. Furthermore, Desjardins participates in the Quebec Climate Partnership’s engagement committee (in French only), which aims to mobilize Quebec City’s economic forces. As an ambassador advocating for enhanced climate action in Quebec City, Desjardins contributes to setting priorities and will participate in upcoming climate action summits in the province’s capital.

How does Desjardins promote a culture of responsible banking among its employees?

In its 2024 PRB Reporting and Self-Assessment Template Desjardins reports that it took the following actions to promote a culture of responsible banking among its employees:

At Desjardins, responsible finance is a core part of its identity as a cooperative. An entire section dedicated to responsible finance is included in Desjardins’ Social and Cooperative Responsibility Report. Desjardins communicates its commitment to responsible finance to all employees through the Desjardins Fundamentals learning pathway, which consists of individual and group activities designed to foster a shared understanding of what it means to operate as a cooperative. In 2022, Desjardins implemented mandatory training on sustainability and responsible finance, complemented by additional modules on climate change and specialized topics such as responsible investment and sustainable insurance. These modules are integrated into training plans tailored for various key roles within the organization. For instance, training on ESG integration was launched in 2023 to educate and raise awareness among all business advisors. In 2024, over 2,028 employees across different departments participated in Climate Fresk workshops to grasp the fundamentals of climate change.

Desjardins’ commitment is also embedded in its processes. For example, there is a procedure for assessing ESG factors in large business financing, which helps identify and manage environmental and social risks within the loan portfolio. For more information on Desjardins’ approach to responsible finance, please refer to section 2.4, Responsible Products and Services, of its Social and Cooperative Responsibility Report.

Furthermore, the organization’s president and CEO, Guy Cormier, champions responsible finance. Desjardins was a partner of the 2023 Sustainable Finance Summit in Montreal, where Guy Cormier participated in a discussion alongside Mark Carney, former Governor of the Bank of Canada and the Bank of England, and UN Special Envoy on Climate Action and Finance. During this discussion, they explored the vital role of financial institutions in promoting sustainable finance and transitioning to a sustainable economy. They also addressed the challenges and opportunities related to sustainable finance, financial innovation and mobilization, as well as the importance of transparency and reporting.

Desjardins has also incorporated an ESG component into its employee and manager incentive structure (bonus plan). This component is based on an indicator that compares Desjardins’ ESG performance to that of its peers in North America, as evaluated by four ESG rating agencies.

 

UN Principles for Responsible Banking: Accelerating a positive global transition for people and the planet

With over 300 signatory banks representing almost half of the global banking industry, the Principles for Responsible Banking are the world’s foremost sustainable banking framework. Through these Principles, the banking community takes action to align core strategies, decision-making, lending and investment with the UN Sustainable Development Goals and international agreements such as the Paris Climate Agreement.

FBRH Principles for Responsible Banking (PRB) Assurance:

First class PRB assurance services: The result of solid, hands-on ESG/ Sustainability experience

• • • FBRH is a GRI Certified Training Partner (Global), ISEP Training Centre and a member of CPD.
    • FBRH builds trust. Over 200 reviews from top professionals from around the world demonstrate our ability to build strong, trusting business relationships.
    • FBRH possesses a unique skill set that combines ESG/sustainability certified training, experience in advisory services and report preparation, and ESG/sustainability report assurance.

The combination of all the above empowers FBRH to provide first class Principles for Responsible Banking (PRB) assurance services.

 

References:

This case study is based on published information by Desjardins, located at the link below. For the sake of readability, we did not use brackets or ellipses. However, we made sure that the extra or missing words did not change the report’s meaning. If you would like to quote these written sources from the original please revert to the following link:

https://www.desjardins.com/content/dam/pdf/en/about-us/community/sustainable-development/reports/2024-principles-responsible-banking.pdf

Note to Desjardins: With each case study we send out an email requesting a comment on this case study. If you have not received such an email please contact us.

Stakeholder identification and consultation

Please describe which stakeholders (or groups/ types of stakeholders) you have identified, consulted, engaged, collaborated or partnered with for the purpose of implementing the Principles and improving your bank’s impacts. This should include a high-level overview of how your bank has identified relevant stakeholders, what issues were addressed/results achieved and how they fed into the action planning process.

Following the materiality analysis conducted in 2017 on its sustainable development priorities, Desjardins surveyed its members in 2024, with most (73%) indicating that sustainable development is important to them. Over recent years, Desjardins has carried out additional polls of its personal and business members and clients to better understand their priorities and concerns related to sustainability and responsible finance. These surveys have provided further insights into how well Canadians comprehend sustainable development and responsible finance.

Surveying stakeholders has helped Desjardins identify what matters most to its members and clients. These priorities are addressed in the “Listening to Our Stakeholders” section of Desjardins’ Social and Cooperative Responsibility Report. Desjardins collaborates with all levels of government, regulators, and other standard-setting organizations on various issues, also covered in the same section of the report.

Through numerous partnerships, Desjardins is dedicated to supporting communities in making the energy transition and taking action against climate change and biodiversity loss. These partnerships facilitate university research and training, promote the development of practical solutions for economic actors, and foster climate education and engagement. For more information, please see the diagram of Desjardins’ environmental and climate action partners.

Desjardins also participates in several working groups established by UNEP FI to support the implementation of the Principles for Responsible Banking (PRB), the Principles for Sustainable Insurance (PSI), and the Commitment to Financial Health and Inclusion. These groups provide opportunities to collaborate and advance initiatives addressing ESG issues with other financial institutions worldwide.

Additionally, Desjardins is a member of the Climate Montreal Partnership (in French only), a coalition of nearly 100 Montreal-based economic, philanthropic, institutional, and environmental stakeholders working together to accelerate Montreal’s decarbonization and build climate resilience within the timelines required by climate science. It is also part of the Quebec Climate Partnership’s engagement committee (in French only), which aims to mobilize the people and driving forces of Quebec City’s economy. As an ambassador supporting climate action in Quebec City, Desjardins contributes to setting priorities for action and plans to participate in future climate action summits in the province’s capital.

How did Desjardins identify and work on strategic business opportunities to increase positive and reduce negative impacts?

In its 2024 PRB Reporting and Self-Assessment Template Desjardins reports that it identified and worked on strategic business opportunities to increase positive and reduce negative impacts as follows:

Desjardins aims to contribute to the energy transition for society through various initiatives: developing responsible finance products, engaging shareholders, investing in and financing renewable energy projects, supporting university programs that train skilled workers—particularly in responsible finance and the circular economy—and strengthening electric transportation infrastructure by adding charging stations in communities across Quebec and Ontario.

For an overview of Desjardins’ approach and the ESG products offered to members and clients, please refer to the Climate-Related Opportunities section of the Climate Action at Desjardins report. This report also highlights business opportunities associated with climate change.

 

UN Principles for Responsible Banking: Accelerating a positive global transition for people and the planet

With over 300 signatory banks representing almost half of the global banking industry, the Principles for Responsible Banking are the world’s foremost sustainable banking framework. Through these Principles, the banking community takes action to align core strategies, decision-making, lending and investment with the UN Sustainable Development Goals and international agreements such as the Paris Climate Agreement.

FBRH Principles for Responsible Banking (PRB) Assurance:

First class PRB assurance services: The result of solid, hands-on ESG/ Sustainability experience

• • • FBRH is a GRI Certified Training Partner (Global), ISEP Training Centre and a member of CPD.
    • FBRH builds trust. Over 200 reviews from top professionals from around the world demonstrate our ability to build strong, trusting business relationships.
    • FBRH possesses a unique skill set that combines ESG/sustainability certified training, experience in advisory services and report preparation, and ESG/sustainability report assurance.

The combination of all the above empowers FBRH to provide first class Principles for Responsible Banking (PRB) assurance services.

 

References:

This case study is based on published information by Desjardins, located at the link below. For the sake of readability, we did not use brackets or ellipses. However, we made sure that the extra or missing words did not change the report’s meaning. If you would like to quote these written sources from the original please revert to the following link:

https://www.desjardins.com/content/dam/pdf/en/about-us/community/sustainable-development/reports/2024-principles-responsible-banking.pdf

Note to Desjardins: With each case study we send out an email requesting a comment on this case study. If you have not received such an email please contact us.

Stakeholder identification and consultation

Please describe which stakeholders (or groups/ types of stakeholders) you have identified, consulted, engaged, collaborated or partnered with for the purpose of implementing the Principles and improving your bank’s impacts. This should include a high-level overview of how your bank has identified relevant stakeholders, what issues were addressed/results achieved and how they fed into the action planning process.

Following the materiality assessment Desjardins conducted in 2017 on its sustainable development priorities, it surveyed its members in 2024, with the majority (73%) indicating that sustainability is important to them. Over recent years, Desjardins has carried out additional surveys with its personal and business members and clients to better understand their priorities and concerns related to sustainability and responsible finance. These surveys have provided valuable insights into Canadians’ understanding of sustainable development and responsible financial practices.

Engaging with its stakeholders has helped Desjardins identify what matters most to its members and clients. Desjardins has addressed these priorities in the “Listening to Our Stakeholders” section of its Social and Cooperative Responsibility Report. Additionally, Desjardins collaborates with government entities, regulators, and other standard-setting organizations on various issues, which are also detailed in this section.

Through numerous partnerships, Desjardins is dedicated to supporting communities in the energy transition and taking action against climate change and biodiversity loss. Desjardins’ collaborations promote university research and training, develop practical solutions for economic actors, and advance climate education and engagement.

Desjardins has participated in several working groups organized by UNEP FI to support the implementation of the Principles for Responsible Banking (PRB), the Principles for Sustainable Investment (PSI), and the Commitment to Financial Health and Inclusion. These groups facilitate discussions and collaborative efforts on ESG topics with financial institutions worldwide. Desjardins is also a member of the Climate Montreal Partnership (French only), a coalition of nearly 100 stakeholders from Montreal’s economic, philanthropic, institutional, and environmental sectors working together to accelerate decarbonization and enhance climate resilience in line with scientific timelines.

Furthermore, Desjardins is part of the Quebec Climate Partnership’s engagement committee (French only), which aims to mobilize Quebec City’s economic and social forces. As an ambassador for climate action in Quebec City, Desjardins contributes to setting priorities for action and plans to participate in future climate action summits held in the province’s capital.

What actions were taken by Desjardins on its PRB targets, climate stability and housing?

In its 2024 PRB Reporting and Self-Assessment Template Desjardins reports that it took the following actions on its PRB targets, climate change mitigation and financial inclusion and health:

• SMART Target 1: Climate stability
• Desjardins has established several targets to monitor its progress toward its 2040 climate goals and other climate-related commitments. Additionally, Desjardins has set targets for managing climate-related risks. These goals encompass its insurers’ investments, the financing Desjardins provides, and its operational activities. Desjardins formulated these targets based on recognized methodologies and frameworks, such as the Science Based Targets initiative (SBTi), the Net Zero Asset Managers initiative, and baseline climate transition scenarios aligned with the aim of limiting global temperature rise to 1.5°C or less than 2°C by the end of the century.
• As of December 31, 2024, eight targets were on track, while seven required further attention or were at risk.

• SMART Target 2: Housing
• Thanks to the faster-than-anticipated progress on this indicator, Desjardins anticipates surpassing this target in 2025. As of December 31, 2024, seven housing projects, totalling 1,182 units, were completed, while twelve projects, comprising 780 units, were under construction.
• Desjardins’ results indicate that it has reduced the wait times for project financing once all necessary information is provided. This leads to lower construction costs, allowing for more units to be built and maximizing benefits for Desjardins’ members and clients. Desjardins’ streamlined service and single-channel support enable it to address issues efficiently and effectively.

Number of affordable housing units, completed and in progress	2024	2023
Number of completed units	1,182	1,020
Number of in-progress units	780	194

 

UN Principles for Responsible Banking: Accelerating a positive global transition for people and the planet

With over 300 signatory banks representing almost half of the global banking industry, the Principles for Responsible Banking are the world’s foremost sustainable banking framework. Through these Principles, the banking community takes action to align core strategies, decision-making, lending and investment with the UN Sustainable Development Goals and international agreements such as the Paris Climate Agreement.

FBRH Principles for Responsible Banking (PRB) Assurance:

First class PRB assurance services: The result of solid, hands-on ESG/ Sustainability experience

• FBRH is a GRI Certified Training Partner (Global), ISEP Training Centre and a member of CPD.
• FBRH builds trust. Over 200 reviews from top professionals from around the world demonstrate our ability to build strong, trusting business relationships.
• FBRH possesses a unique skill set that combines ESG/sustainability certified training, experience in advisory services and report preparation, and ESG/sustainability report assurance.

The combination of all the above empowers FBRH to provide first class Principles for Responsible Banking (PRB) assurance services.

 

References:

This case study is based on published information by Desjardins, located at the link below. For the sake of readability, we did not use brackets or ellipses. However, we made sure that the extra or missing words did not change the report’s meaning. If you would like to quote these written sources from the original please revert to the following link:

https://www.desjardins.com/content/dam/pdf/en/about-us/community/sustainable-development/reports/2024-principles-responsible-banking.pdf

Note to Desjardins: With each case study we send out an email requesting a comment on this case study. If you have not received such an email please contact us.

Stakeholder identification and consultation

Please describe which stakeholders (or groups/ types of stakeholders) you have identified, consulted, engaged, collaborated or partnered with for the purpose of implementing the Principles and improving your bank’s impacts. This should include a high-level overview of how your bank has identified relevant stakeholders, what issues were addressed/results achieved and how they fed into the action planning process.

Further to its 2017 materiality analysis of sustainable development priorities, Desjardins surveyed its members in 2021, and 79% expressed the expectation for Desjardins to lead in sustainable development. Over the past two years, Desjardins conducted further surveys with its personal and business members and clients to better understand their sustainability and responsible finance concerns. Desjardins’ 2023 survey of 3,000 Canadians provided deeper insights into Canadians’ understanding of sustainable development and responsible finance.

These stakeholder surveys allowed Desjardins to identify the key priorities for its members and clients, which Desjardins addressed in the Listening to our stakeholders section of its Social and Cooperative Responsibility Report. Desjardins collaborates with various levels of government, regulators, and other standard-setting organizations on numerous issues, detailed in the same report section.

Desjardins’ numerous partnerships reflect its commitment to supporting communities in the energy transition and combating climate change and biodiversity loss. These partnerships back university research and training, develop practical solutions for economic players, and enhance climate education and engagement. For more details, please refer to the diagram of Desjardins’ environmental and climate action partners.

Desjardins also participates in several UNEP FI working groups to support the implementation of the PRB and PSI. These working groups offer an opportunity to discuss and work on initiatives addressing ESG issues with other financial institutions from around the world.

How did Desjardins work with its clients and customers to encourage sustainable practices and enable sustainable economic activities?

In its 2023 Principles for Responsible Banking annual disclosure Desjardins reports that it works with its clients and customers to encourage sustainable practices and enable sustainable economic activities as follows:

The primary goal of any cooperative is to fulfill the needs of its members and clients. With this in mind, Desjardins created a range of responsible products for individuals called Desjardins Solutions for a Sustainable Future. These solutions assist its members and clients in achieving their goals, saving on insurance, purchasing a hybrid or electric vehicle, renovating in an eco-friendly manner, and more. Offering 74 responsible investment (RI) product options, including group retirement savings and institutional client options, Desjardins is among Canada’s leaders in this field. As of December 31, 2023, Desjardins managed nearly $13.8 billion in RI assets. By the end of 2023, 44% of Desjardins Funds unitholders held a SocieTerra Fund or Portfolio (RI), up from 42% at the end of 2022. Assets under management in SocieTerra Funds and Portfolios increased by 8% over the same period. To aid its members in a just energy transition, Desjardins’ SocieTerra Funds and Portfolios are completely free of oil production and pipelines. Desjardins monitors the proportion of its members and clients who opt for responsible products on a quarterly basis.

In 2022, Desjardins established a dedicated team to support businesses in sustainable development. Last year, this team conducted over 700 ESG interactions concerning member/client files and Desjardins’ ESG product lineup for businesses. Desjardins expanded this lineup last year by introducing an ESG swap to encourage companies to invest based on ESG criteria. Additionally, Desjardins developed a specific strategy for the energy sector to help shape its business relationships with energy companies and support their transition to a low-carbon economy.

For individuals and business owners who do not qualify for traditional financing, Desjardins offers solidarity-based finance and crowdfunding products so they can contribute to the economic vitality of their communities. Desjardins pays special attention to making its advisory services accessible to everyone, and promotes financial literacy to enhance its members’ financial empowerment.

Finally, Desjardins prioritizes the well-being of its members and clients by providing Desjardins Identity Protection, one of the best programmes of its kind in Canada.

 

UN Principles for Responsible Banking: Accelerating a positive global transition for people and the planet

With over 300 signatory banks representing almost half of the global banking industry, the Principles for Responsible Banking are the world’s foremost sustainable banking framework. Through these Principles, the banking community takes action to align core strategies, decision-making, lending and investment with the UN Sustainable Development Goals and international agreements such as the Paris Climate Agreement.

FBRH Principles for Responsible Banking (PRB) Assurance:

First class PRB assurance services: The result of solid, hands-on ESG/ Sustainability experience

• • • FBRH is a GRI Certified Training Partner (Global), ISEP Training Centre and a member of CPD.
    • FBRH builds trust. Over 200 reviews from top professionals from around the world demonstrate our ability to build strong, trusting business relationships.
    • FBRH possesses a unique skill set that combines ESG/sustainability certified training, experience in advisory services and report preparation, and ESG/sustainability report assurance.

The combination of all the above empowers FBRH to provide first class Principles for Responsible Banking (PRB) assurance services.

 

References:

This case study is based on published information by Desjardins, located at the link below. For the sake of readability, we did not use brackets or ellipses. However, we made sure that the extra or missing words did not change the report’s meaning. If you would like to quote these written sources from the original please revert to the following link:

https://www.desjardins.com/content/dam/pdf/en/about-us/community/sustainable-development/reports/2023-principles-responsible-banking.pdf

Note to Desjardins: With each case study we send out an email requesting a comment on this case study. If you have not received such an email please contact us.